Buyer Advice for Home Purchase in 2009
There's a lot of doom and gloom in the media about the housing market and overall tough economy. But, if you're in a position to take advantage of falling housing prices- now could be a great time to buy.
- The rules for getting a loan have changed. Make sure of what you are able to buy before you find the home you love. The home needs to fit the buyer's budget - not the other way around.
- Save, save, save for that down payment. 95% - 100% mortgages are pretty much gone.
- Check your credit score. "If you don't have a very good credit score, it's going to be difficult in terms of borrowing.
- Appraisal is a must - Make sure the property appraises properly. The appraisal determines the true market value of the home.
- Set contingencies. Making sure that the appraisal comes in at the right price and that you can get financing are two critical aspects of buying a home.
- Prepare for worst case scenario. Having a backup plan, plenty of patience, working with solid banks, and working with a quality Realtor will help a buyer win.
Alice and Jim Hayes are Licensed Realtors with Loveless Realty in Libby, MT. Please call us at 406/293-8364 or 293-1926 or visit our 24-hour open house at www.alicehayes.com
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